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ZERO-SUM GAME: A situation in which a fixed amount is divided up among the winners and losers. In a zero-sum game the wins equal the losses. Many stock market, or financial market, exchanges are zero-sum. One person buys low and sells high, while another buys high and sells low. The wealth in such transactions are merely transferred from one person to another. "Productive" market transactions, in contrast, are not zero-sum. The act of producing goods and services from resources that are consumed to satisfy wants and needs results in a net gain to society.
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Lesson 18: Banking | Unit 4: Regulating Banks
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Page: 20 of 24
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How are banks regulated?- First: Government regulators say do something, and if you don't do it, then you suffer the consequences--dollar fines, losing operating control to regulators, or spending a little time in jail.
- Second: Many bank regulations involve accounting procedures and practices. The FDIC and Comptroller of the Currency are the institutions that take care of these matters.
- Third: The regulations we are most concerned with are those involving reserves and deposits, which play a key role in controlling the money supply.
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LAW A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The only place success comes before work is in the dictionary. " -- Vince Lombardi
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WTO
World Trade Organization
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